Coinbase announced on Thursday that it is suing the US Securities and Exchange Commission and Federal Deposit Insurance Corporation for not granting its Freedom of Information Act requests.
In 2023 Coinbase engaged consultancy firm History Associates Incorporated in order to retrieve records from SEC & FDIC. History Associates reported that both requests were refused. The firm has now sued the SEC and FDIC to get them to release the records.
History Associates was the original plaintiff in each case, while Coinbase was named as an associated party.
History Associates, on behalf of Coinbase in July 2023, submitted a FOIA Request to the SEC. The SEC requested that the agency provide documents regarding its “views on Ethereum and the status of ETH,” According to the complaint
In October 2023, the SEC denied this request, saying that it was unable to comply with it. “locate or identify any information responsive to the request,” The complaint says. The complaint states that after History Associates appealed, the SEC said later that the files existed, but were protected by exemption rules.
History Associates and Coinbase claim that the exemptions don’t apply, and the SEC should be required to provide the information.
Coinbase, History Associates, and other companies made a FOIA request that was denied. They sought any documents related to an investigation of Enigma MPC or Etherdelta’s founder Zachary Coburn. Two cease-and desist letters were sent to both parties for alleged violations of securities laws.
“The SEC’s rationale for withholding documents from investigations that concluded in settlements years ago is tailor-made to frustrate the legitimate purposes for which Coinbase sought the Coburn and Enigma MPC documents in the first place—to understand the view of the law that underlies the SEC’s enforcement blitzkrieg against the digital-asset industry,” This is what the complaint says. “The SEC’s stonewalling violates its FOIA obligations.”
History Associates and Coinbase also submitted to the FDIC a FOIA in November 2023. They requested copies of “all so-called” “pause letters” The agency’s Office of Inspector General confirmed these letters, which asked institutions to provide information. This letter was confirmed by FDIC Inspector General’s Office. It asked the institutions to provide information. “pause all crypto asset-related activities,” In a report dated October 20, 2023, it was stated that
According to the complaint, History Associates filed an appeal in December 2024 after the FDIC refused the FOIA. The FDIC then denied it again the following month. Coinbase and History Associates allege that the FDIC has violated federal disclosure regulations and have asked the court to order them to turn over documents.
Coinbase is currently involved in 3 separate legal battles against the SEC. Coinbase has sued the SEC after they denied Coinbase’s request for a formal rulemaking 2022. Now, the case has been transferred to the US Court of Appeals Third Circuit.
In June 2023, the SEC filed a lawsuit against Coinbase for securities violations. Coinbase lost its appeal to dismiss the lawsuit in most cases back in March. The case now moves to discovery.
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